Trends SMB Follow in 2020. Part 1
There is no doubt that digital technologies push forward the development of small and medium-sized businesses. However, it is vital to understand how to apply them properly. Here are the top 5 insights about what digital trends in 2020 little and SMBs should follow. Let's go!
#1 SMBs recognize the importance of digital technology but are scared to implement a new strategy
Many companies claim that due to an inefficient management model their employees face challenges of team collaboration or show worse results than expected. Therefore, business owners believe that digital tools implementation is the best way that affects greatly the future growth of their company.
It promotes better business insight, stimulates growth, accelerates processes, improves the team’s productivity and understanding of consumer needs.
However, there are issues with moving to a digitalized model that arise due to an insufficient process understanding, lack of IT literacy, or money for investing in development.
#2 Investment in digital transformation pay off for SMBs
Even though many companies plan to transform their business, about 25% are afraid to invest in digitalization. Nevertheless, companies that actively develop online tools claim that their investments have already paid off. Moreover, it affects the increase in revenue and processes within the company.
About 70% of small and medium-sized companies actively invest in digital technology while 60% of them plan to run the digital transformation. It concerns various technological areas - both new and traditional.
For example, key areas that are currently important for SMBs are information security and data protection, IoT, AI, software as a service (SaaS), and mobile.
#3 Moving to scale and open solutions
Many small and medium-sized companies use general-purpose software for process management. Thereat, most of the operations need to be done manually like data entry, paperwork, or reporting. The necessity to automate all the business areas made many companies integrate scalable applications that include different modules for the improvement of each department. Thus, they decide to invest their money in extensible digital solutions.
Such a strategy will not only save money but also increase the accuracy of the final working results and organize all processes allowing you to track each activity stage using one platform.
#4 Penetrating AI and ML into a business solution
Artificial Intelligence and Machine Learning have great potential for any company, as they allow you to automate routine tasks and plan the company's activities. 45% of business owners have already embedded AI and ML technologies into their solutions to manipulate large datasets, submit requests, and make decisions.
Besides, the capabilities of these technologies allow you to customize personalized mailings, increase efficiency, minimize risks, prevent cyber-attacks and much more.
Investing in Al and ML
#5 Customer-oriented solutions integration
Usually, business owners direct their investments to consumer-oriented solutions. Implementing such systems allows you to work with analytics, study the users' behavior and needs or improve service.
It helps create personalized offers, optimizes the interaction for the customer and provides the most convenient way to obtain the necessary information.
Tech Investment Areas SMBs Are Most Likely to Characterize as Part of Digital Transformation
Stay tuned to get more information about the other five key trends SMBs to follow in 2020. Don’t hesitate to ask our team to get more about how business process automation can help your business. Send a request and ask any questions you make have.